Regulators move against Plano Money Manager

The Securities and Exchange Commission today said it's frozen the assets of an unregistered Plano money manager and his companies for allegedly defrauding investors in what the agency said was a "foreign currency exchange trading scheme" that cost investors more than $1.7 million.

The regulators said White, 53, who was barred from the New York Stock Exchange in 1992, operated the fraud through KGW and Revelation Forex Fund L.P.

The SEC said White raised more than $7.1 million from investors by touting a "sophisticated low-risk forex trading strategy yielding astronomical returns."

White couldn't be reached for comment.

"He advertised his purported 25-year Wall Street career," the agency said. "In reality, the forex trading has incurred losses of investor funds, and White actually spent only six years as a licensed securities professional in Houston before being barred by the New York Stock Exchange two decades ago."

White has "siphoned away more than $1.7 million of investor money to pay personal expenses, finance expensive trips, and fund other unrelated and undisclosed businesses and investments," the SEC said.

"White and his companies brandished phony credentials and a can't-miss trading strategy to lure investors into a web of deceit," said David Woodcock, director of the SEC's Fort Worth Regional Office. "In reality, White was suffering forex trading losses and putting investor money to other uses."

View the SEC's announcement here.

The Commodity Futures Trading Commission today also announced parallel charges against White and his companies.

To post a comment, log into your chosen social network and then add your comment below. Your comments are subject to our Terms of Service and the privacy policy and terms of service of your social network. If you do not want to comment with a social network, please consider writing a letter to the editor.